Gold Sinks for Third Session on Better Economic News

Gold and silver sank, and miners followed

Gold tumbled for a third straight session on news of solid U.S. home sales for last year and signs that Europe’s banking system has stablized. The metal posted its largest weekly loss in five weeks.

Gold futures for February delivery declined 0.8% to $1,656.60 on Friday, according to CME Group. Gold traded as high as $1671.60 and as low as $1655. Gold bullion closed in London at $1,661, according to BullionVault.